Gen. Yakubu Gowon, (1934-)Nigerian Head of State, 1966-75
THE SAUDI ARABIAN PUBLIC INVESTMENT FUND
This institution is a deliberate creation of the Kingdom of Saudi Arabia to pursue its national development through the diversification of its economy into diverse sectors. It was founded in 1971 as its Sovereign Wealth Fund Initiative and re-modeled in 2015. The fund is managed by a Board but under the direct guidance of Crown Prince Mohammed Bin Salman, the facto ruler of Saudi Arabia.
AN ABRIDGED PROFILE OF THE SAUDI PIF
92 Portfolio companies created
13 Strategic sectors
560,000 + Jobs created
$700BN + Assets Under Management
THE SAUDI ARABIAN ROSHAN LEAGUE
In June 2022, the Saudi PIF bought 75%
investment rights over four of its major football clubs as earlier highlighted, and thus prompted the drive to attract the best quality of world footballers to
strengthen her local league.
The major bang in their
investment was the coming of Portuguese captain, Cristiano Ronaldo, one of the
world’s most decorated active footballers, in January 2023. Thereafter, others followed and by
the end of the summer 2023 transfer window, about $900m had been spent on
players transfer by the 14 teams in the SaudiRoshanLeague! According to Transfermarket,
one of the world’s most authoritative football websites on players’ activities,
the RoshanLeague, ranked second,
apart from the English Premier League, in player transfers.
In terms of individual spending
by football clubs, three out of the ten biggest spenders in the August 2023
transfer window, are from within the SaudiRoshanLeague. Hitherto, it was not
so!
Other consequences of this strategic plan include,
·
Signed broadcast deals globally with leading
media houses like DAZN, Canal+, etc. to make the league available in 130+
countries
·
Brought a boost to local manufacturers and
businesses by signing 116+ sponsorship deals across the 18 teams
·
Same for the kits, 18 teams have partnered with
12 kit manufacturers including #Nike #Puma #Adidas and many local manufacturers
like Offside
Whilst justifying this move, His Excellency, Yasir Al-Rumayyan, the Governor of the PIF, highlighted the need to meet the interest in sports for the 63% of Saudis who are under the age of 30.
He further reiterated the
huge expenditure as a deliberate investment targeted towards sustainability for
the enterprise
Whilst most pessimists
would doubt the sustainability of this project, seeing the income generated, it
is expected that its drivers would have studied the factors that caused the
demise of the Chinese League (it was a similar initiative) and the teething
problems faced by the English Premier League before its stability. Overall, using
sports as a basis to strengthen national prosperity and peace would also remain
a success, as highlighted in the introductory statement of this article.